Key Highlights
- Gold found support near $3,250 and started a fresh increase.
- A key bullish trend line is forming with support at $3,355 on the 4-hour chart.
- EUR/USD is moving higher above the 1.1550 resistance zone.
- WTI Crude Oil prices dipped sharply after facing rejection near $77.50.
Gold Price Technical Analysis
Gold prices remained supported above $3,250. The price formed a base and started a fresh increase above the $3,280 and $3,320 resistance levels.
The 4-hour chart of XAU/USD indicates that the price settled above the $3,375 level, the 200 Simple Moving Average (green, 4 hours), and the 100 Simple Moving Average (red, 4 hours). It even cleared the $3,440 level before the bears appeared.
A high was formed near $3,451 and the price saw a downside correction. There was a move below $3,440. On the downside, initial support is near the $3,372 level.
The first key support is $3,355. There is also a key bullish trend line forming with support at $3,355 on the same chart. The next major support is near the $3,335 level. The main support is now $3,320. A downside break below the $3,320 support might call for more downsides. The next major support is near the $3,250 level.
On the upside, immediate resistance is near the $3,440 level. The next major resistance sits near the $3,450 level. A clear move above the $3,450 resistance could open the doors for more upsides. The next major resistance could be $3,480, above which the price could rally toward the milestone level of $3,500.
Looking at EUR/USD, the pair started a decent upward move and might soon aim for a fresh increase if it clears the 1.1650 resistance.
Economic Releases to Watch Today
- US Industrial Production for May 2025 (MoM) – Forecast +0.1%, versus 0% previous.
- US Retail Sales for May 2025 (MoM) – Forecast -0.7%, versus +0.1% previous.
